Crude Breaks Above Inverse Head and Shoulders Resistance

An inverse head and shoulders pattern formed on the weekly chart of the Light Crude Oil – continuous contract ($WTIC) over the last 18 months and I’ve highlighted its development over time.
The commodity has now broken above the reversal pattern neckline and, after what appears to be a successful retest of that resistance-turned-support level, looks like it is ready to begin an extended move higher.